The Federal Reserve’s Evolving Financial Stability Analysis in Bank and Nonbank Acquisitions
On February 14, 2012, the Board of Governors of the Federal Reserve System issued an order approving Capital One Financial Corporation’s proposed acquisition of ING Bank, fsb. The Capital One order, together with the Federal Reserve’s earlier order approving the acquisition of RBC Bank (USA) by The PNC Financial Services Group, Inc., are the first interpretations of the new “financial stability” factor, which the Federal Reserve is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to consider in connection with approving acquisitions.